Unfortunately death is one of those occurrences in life that you will have to face whether it’s your own or a loved one. These can be one of the most difficult times in your life with intense emotions of facing a future without one of your loved ones.
With it being such a difficult time the last thing you want to be worrying is finances yet the finances and costs associated with death are usually the last thing considered when someone passes away. Although it may not seem like a priority it is useful to be aware of what you will be facing financial so that you can be prepared for the inevitable and ease the burden passed onto your loved ones.
Currently one of the main costs associated with dying is funerals, which currently cost around £4,000 and according to Mintel’s report they are predicted to rise to at least £12,000 in the next 20 years.
What makes up these costs are the funeral director’s fees, fees for a religious or secular service, legal fees, medical or doctor’s fees and burial or cremation fees. On top these there are also optional extras such as flowers, transport, orders of service, venue hire for the wake and catering costs. The overall costs will depend on your requirements and costs could vary location to location.
With these rising costs in mind it is becoming more important to be be financially prepared for the inevitable and ease the burden from your family and loved ones. Two options which can do this for you are funeral plans and over 50s life insurance.
A funeral plan will allow you to both pay for and plan your funeral in advance. This will give you peace of mind knowing that knowing that your funeral arrangements and costs are taken care of and that your family and loved ones will have one less burden at the time of your death. It also has the financial benefits of freezing the cost of your funeral at today’s prices meaning that you beat the rising funeral costs. The Funeral Experts are a broker of funeral plans and can help get you the best deal when taking out a funeral plan, ensuring that your needs are met and that the plan you take out is affordable to yourself.
An over 50s insurance plan will allow you prepare financially for your funeral. These have more flexible pricing options then funeral plans and will give your next of kin a lump sum payment which can then be used towards your funeral costs.
Whether you think that a funeral plan or an over 50s insurance policy could be the solution right for you, it is important that you are aware of what the cost of dying is so that you can best prepare for them.